MOL Magyar Olaj (MOL) Q2 2025 earnings summary

Executive summary

• H1 2025 profit before tax was $782 million, with Q2 profit before tax at $236 million, down 56% year-over-year due to lower operating profits despite finance gains.

• Clean CCS EBITDA for H1 2025 exceeded $1.5 billion, with Q2 at $685 million, reflecting economic slowdown and normalized oil/gas prices but strong internal performance.

• Operating cash flow after working capital adjustment reached $1.1 billion in H1 2025, covering 2.5x organic CapEx.

• Dividend payout increased by 10% compared to 2024, with HUF 275 per share (HUF 165 + 110) paid in June.

• Key strategic partnerships and acquisitions in Azerbaijan, Hungary, and waste management support long-term growth.

Financial highlights

• H1 2025 Clean CCS EBITDA: $1,517 million; Q2 Clean CCS EBITDA: $685 million.

• H1 2025 net income: $496 million; operating cash flow after working capital: $1,135 million.

• Net debt/EBITDA improved to 0.69x; gearing at 13.9%.

• H1 2025 organic CapEx: $444 million, down 35% year-on-year.

• H1 2025 simplified free cash flow: $1,073 million.

Outlook and guidance

• 2025 guidance reaffirmed: Group profit before tax ~$1.6 billion, Clean CCS EBITDA >$3.0 billion.

• Upstream production guidance maintained at 92–94 mboepd; downstream crude processing guidance at ~12 Mt.

• Downstream resilience program targets $500 million annual EBITDA improvement beyond 2027.

• Net debt/EBITDA expected to remain below 1.0x.

• Strategic focus on green transition, supply security, and operational efficiency remains.